Matolcsy: China’s Belt and Road Initiative ‘clear success’
China’s Belt and Road Initiative (BRI) has been a “clear success”, György Matolcsy, the governor of Hungary’s central bank, told a conference organised by the central bank and the Chinese embassy in Budapest on Monday.
Opening the conference to mark the initiative’s tenth year, Matolcsy noted that Hungary, in 2015, was the first European Union member state to join the BRI. The initiative has paved the way for infrastructure upgrades, including roads, railway and port investments, in many countries, he added.
Matolcsy said the National Bank of Hungary, in 2013, was the first central bank in Europe to conclude a swap line agreement with the People’s Bank of China, and this has been renewed from year to year. He added that the NBH reached an agreement on a Renminbi clearing arrangement in 2015.
He noted the launch of the NBH’s Renminbi Initiative to promote the RMB as an international currency, and he praised Hungary’s cooperation with China’s Fudan University.
The past ten years had “convinced everybody” that China and Europe must “cooperate very closely”, he said, adding that Hungarians were making efforts to prevent the formation of blocs in the world.
“We believe in dialogue and advocate friendship based on mutual respect,” Matolcsy said.
Source: MTI
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3 Comments
Well, his messaging is consistent with some local response:
https://theasialive.com/chinas-belt-and-road-initiative-in-southeast-asia-a-decade-of-progress/2023/09/24/
However, “… Nations must balance benefits from Chinese investment with their sovereignty and interests” … And additional apt observations.
Then again, Laos and other developing countries may be less positive,
“China grants billions in bailouts as Belt and Road Initiative falters”:
https://www.ft.com/content/9b2cb53f-e6f0-479e-bb94-a2e0c8680e88
Kiss Chinese ass!
Just like the boss!
Italy is leaving the BRI. The BRI became a massive debt trap many corrupt authoritarian countries entered into around the world. The key is that: “The contracts are negotiated directly, rather than opened to the public for bidding, so they lack one of the benefits of private financing and open procurement: a transparent market mechanism for ensuring that projects are financially viable.” Many of these projects thus end up being horrible financial disasters. The Budapest-Belgrade rail line financed by Chinese capital has now become one more in the list of disasters. Hungary is on the hook for the debt and the Chinese construction does not meet European technical requirements. No one in the corrupt Fidesz clown government had the brains to look into that beforehand. Idiots.
https://www.foreignaffairs.com/china/belt-road-initiative-xi-imf